Is ezETH safe to farm / hold as fixed-rate carry?
Renzo ezETH (liquid restaking token)
The SPA Rates Desk REFUSES ezETH fixed-carry books on structural grounds: it carries a peg-breakdown tail that the quoted yield is compensation for, not alpha. This is not a live-capital position.
Structural reason
Structural PEG-breakdown tail (fair_value_engine PEG haircut). A liquid restaking token can trade well below its ETH redemption value in stress.
Measured tail
- Peg drawdown: -21.48% (2025-04-06)
- Avoided loss: $21,476 / $100k
- Advertised yield: 63.36% (tail-comp)
- L4 · real ETH-peg drawdown (backtest, conservative lower bound)
SPA is a paper-stage research desk. This is a structural risk verdict, not investment advice. Measured figures are BACKTEST (real ETH-peg history), conservative lower bounds — never presented as realized returns. A CONSIDERED verdict means we do not refuse it on structural grounds — it is not an endorsement, a recommendation, or a claim of safety. The differentiator is what we REFUSE, published transparently.
Personal research project in paper validation — not investment advice, not a regulated service, not raising capital; results are simulated. Full disclaimer & risk disclosure →